Grocery company Empire Co. Ltd. reported its fourth-quarter profit fell compared with a year ago, but raised its quarterly dividend.

The parent company of the Sobeys and Safeway grocery chains says it will now pay a quarterly dividend of 20 cents per share, up from 18.25 cents per share.

The increased payment to shareholders came as the company reported a profit of $148.9 million or 61 cents per diluted share for the quarter ended May 4, down from a profit of $182.9 million or 72 cents per diluted share a year earlier.

Sales for the quarter totalled $7.4 billion, about the same as a year ago.

Same-store sales fell 0.3 per cent compared with the same quarter last year, while same-store sales, excluding fuel sales, rose 0.2 per cent.

On an adjusted basis, Empire says it earned 63 cents per diluted share, down from an adjusted profit of 72 cents per diluted share a year ago.

This report by The Canadian Press was first published June 20, 2024.